Singapore Airlines (SIA) has announced a bonus payout equivalent to nearly 8 months’ salary for its employees, following a record full-year net profit reported on May 15.
This bonus represents an increase from the 6.65 months’ pay most employees received in 2023, which included an additional 1.5 months in recognition of their efforts during the Covid-19 pandemic.
SIA’s earnings surged by 24%, reaching $2.7 billion for the 12 months ending March 31, 2024. This growth was driven by improved operating performance, reduced tax expenses, and profits from its associates.
The airline reported that near-term demand for flights remains strong, with robust travel appetite and a thriving cargo sector helping to counterbalance competitive pressures, rising costs, geopolitical tensions, and economic uncertainty.
According to a Bloomberg report, Singapore Airlines gained an advantage from reopening and rebuilding more quickly than many of its peers after Covid restrictions were lifted. By March, monthly passenger volumes had reached approximately 97% of pre-pandemic levels.
The windfall for Singapore Airlines’ staff mirrors the experience of employees at Emirates, who are reportedly receiving five months’ bonus following a record annual profit of $5.1 billion. The Gulf carrier also paid out a similar bonus last year.
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